This study contributes to the empirical evidence on the lending channel in the Netherlands using individual bank data. The main conclusion is that a lending channel is operative in the Netherlands. However, it is only operative for unsecured and not for secured lending, possibly because loans...

We carry out a number of policy simulations with DNB's multicountry model, EUROMON. With these simulations we aim to analyse the effectiveness of monetary and fiscal expansion in light of the current global downturn in the US and the Euro area. We thus run two types of simulations in which we...

We show by means of a bank relationship model that after monetary policy tightening, public firms (having easier access to public capital markets) are more likely to decrease their demand for bank loans than private firms (which are typically more dependent on bank credit and benefit more from...

We consider empirically the incremental financing decisions for a sample of 153 AEX-quoted companies during the years 1984 through 1997. First, we estimate a binomial logit model for the choice between internal and external finance. Second, we estimate a multinomial logit model for the choice...

This report describes the macro-econometric model for the Republic of Macedonia MAKMODEL. It documents the main features of this model that was built by research teams of the Macedonian and Dutch central bank during July 1999 - June 2001 as one module of a large scale PHARE-project, funded by...

The continental European financial system distinghuishes itself from its American counterpart by the dominance of banks in the financing of nonfinancial companies. Only a fraction of the external capital need of the private sector is fulfilled directly, on the public capital market. Non-bank...

We perform four simulations with the multi-countrymodel EUROMON illustrating both upwards and downward risks to future inflation in the Euro area. We examine how different sources of inflation can affect, first, the Euro area as a whole in comparison to the US, and second, compare the effects...

This paper contributes to the empirical evidence on the credit channel of monetary policy in the euro area by providing firm level evidence on the relation between the impact of monetary policy on firm balance sheets and the corporate governance characteristics of the firms. A sample of half a...

I build a small open economy version of the Calvo-type staggered price-setting model with limited asset market participation, and I show that the inverted aggregate demand logic is less likely to apply to small open economies. The equilibrium dynamics of the model are reduced to a representation...

The literature has documented a positive effect of foreign ownership on firm performance. But is this effect due to a one-time knowledge transfer or does it rely on continuous injections of knowledge? To shed light on this question we focus on divestments, that is, foreign affiliates that are...